Two years ago, Babbitt made his first interview with Huang Minqiang, founder and CEO of Gongxinbao.
At that time, the practitioners in the blockchain industry were full of enthusiasm, and most people did not realize that the “9.4 Policy” released soon would become a watershed affecting the development of the industry.
Today, two years later, although the voice of the giants is endless, it is still difficult to hide the reality that the blockchain industry is in a trough. Many practitioners are beginning to get confused and find no way out.
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In just two years, the market has changed dramatically, the secondary market has continued to slump, the application on the chain has seen little improvement, and the progress of ecological construction has been slow. Most of the blockchain projects have entered a critical moment of life and death. “Where is the industry going?” has become a problem that needs to be solved in front of every entrepreneur.
Huang Minqiang, who founded and led the public trust to go through the three-year exploration path, has lost, but has not lost, because from the day he founded the public letter, his choice of route has always been clear : stick to the "data + blockchain" road . Whether it's an early decentralized data exchange, or the Brock City, which was launched last year, and the successive launch of the Trusted Computing Protocol and the Stars program, this route is served.
In an interview with Babbitt, Huang Minqiang introduced the progress of the Star Program and the Trusted Computing Protocol. He also accepted the question of community existence. "We must find a way out. We are bold to try and do something wrong. I think the industry. I will also forgive us.” When talking about the status quo of the industry, Huang Minqiang said that the business model on the chain is still too small, all the public chains are competing for users in the circle, and the industry needs to introduce new living water. And this living water is to explore the business model under the chain and find new users for the blockchain . Huang Minqiang made an image metaphor: "All blockchain projects share a water dispenser (users in the circle), resulting in not much water for each project. What you need to do at this time is to find a way to build a new water dispenser yourself. (Outside the circle), drink what you drink, you have the final say."
The following is the content of this interview:
Talking about the star plan and trusted computing
"The sun's core is rapidly aging and continues to expand, and the earth will be swallowed up. In order to survive, mankind has developed an unprecedented grand plan to drive the entire planet to a new home beyond 4.2 light years…"
This is a narration at the end of the movie "Wandering Earth", which tells the story of the "Wandering Earth" program, which is carried out by humans to carry the earth to find a journey of hope in order to avoid the earth being swallowed by the sun.
The “Star Program” launched by Gongxinbao is quite similar to the “Wandering Earth Project”: both self-rescue behaviors in the extremely harsh environment (the Earth's destruction vs. blockchain revolutionary low tide) have clear plans (the former is divided into 5) The stage VS and the latter are divided into 4 stages), all have common goals (the former allows humans to survive VS the latter to let the residents of Brock City survive) and so on.
Babbitt: The specific content of the "Star Program" is described in detail in the "Introduction to the Star Plan". What is the current implementation situation? What is the time node at each stage?
We have planned four phases:
In the first phase, the GXChain Foundation provided 2 million GXCs and 300,000 USDTs, which took 3 months to attract 125,000 decentralized users to participate in the construction of the “gravitational network” and entered the second phase 6 months later. In the second stage, relying on the millions of users in the GXChain ecosystem, a decentralized bidding advertising system was established. In the third stage, a decentralized business system is established, and the economic value generated by the interpersonal relationship returns to the birth of the interpersonal relationship, so that the blockchain technology can effectively serve the users. In the fourth phase, decentralized finance, GXChain will provide a variety of DeFi protocols in the chain, including mortgage agreements, clearing agreements, settlement agreements, matching agreements, etc., so that more DeFi applications can be quickly launched based on the gravitational network.
The core of the Star Program is to let users' traffic in their hands and establish a permanent fixed marketing network. This is different from the past. In the past, the Internet established so much traffic, but the traffic is not user.
Except for the "gravitational network", there is no specific timeline for refining the later stages, which is about 3 to 5 years.
Our goal is to add 125,000 people. The number of people participating in the star program is 9,374, the number of participants is 19,612, and the number of super planets is 47. The data is actually OK, the progress is a bit slower. I think the rules are not designed so well now, because the rules are too complicated, and I will consider how to simplify them later. Once the rules are optimized, they can still be implemented.
I have to find a way out, we are bold to try, big deal is wrong, I think the industry will forgive us, because we really take the money to subsidize (2 million GXC + 300,000 USDT). Babbitt: After the release of the Stars program, someone posted a message on Weibo saying how to make the seven-day hotel, Zhou Mapo settled in Gongxinbao?
Gongxinbao now does two things, one is business on the chain, and it is promoted with the star plan. The other is under-chain commerce, driven by trusted computing.
Under the chain business, we will not combine with the star plan at this stage. We are thinking more about doing what we are good at, grasping the data itself, how to use the data, and how to exchange and calculate the data.
For example, the hotel just mentioned, there is an application on the city of Bullock called lucia, which is also doing hotel-like things, they will explore the chain of business.
The lodging industry has a lot of privacy data. How to interact with other industries in the protection of privacy, improve hotel occupancy rate, reduce costs, and better drain the hotel. In fact, it can be docked through trusted computing solutions.
At present, the trusted computing technology is relatively mature, and it has the ability to be commercialized. Now it is necessary to run the model, let the customer believe and be willing to pay, and at the same time connect with Token incentives, which still needs to be explored. Babbitt: What step is it now exploring?
Demo has been made for joint modeling of data between multiple financial institutions. We have served many financial companies before, and customers are more aware of what they want, so this is where we have advantages.
As long as there is the first commercial income, even if the Trusted Computing Agreement is completed commercialization, this meaning is as crucial as the first step of human beings on the moon . At that time, few people thought of landing on the human space industry and the earth. Ecology, the impact on the development of global communications, and the impact on the future of human homes.
The significance of the landing of trusted computing is actually unexpected to many people . But what I can tell you is, what can be done after the commercialization of Trustworthy Computing is completed?
The biggest role is to further improve social and economic efficiency. Because social education is now being upgraded by big data, more than 90% of the data is still immersed in its own database, and it has not been used.
After the trusted computing is opened, the data can be activated. The data cooperates with external companies while ensuring that they are not leaked. The value of the data can be unearthed, the cost is reduced, the profit is increased, and the competitiveness is stronger. The economic system of the whole society has come up, and GDP has come up. Government, business and individuals can benefit, so this is very significant. We saw a huge market and chose to use trusted computing as a way of business under our chain. It is expected that commercial revenue will be realized next year. Babbitt: Everyone is talking about the blockchain, the chain and the chain. Which way does the commercial scale account for a large proportion?
It must be the way under the chain. I have shared it two days ago. The value of Token is divided into three parts. The first part is the use value, the second part is the investment value, and the third part is the brand value.
Use value accounts for less than 10% of the total value component, and most of it is investment value. Inside 10%, some are on the chain, and some are on the chain.
The business on the chain is rarely built. The global blockchain active users may be five or six million, so a small group of people, how much chain business do you want to build? So now the scale is very small, and all the tokens are robbing such users, most of the market share is taken away by the head, so the more the future public chain simply can not grab much market share, can only subsidize.
The best way is to take the business under the chain. The users you dig into can bring new funds to your project. For example, we have made a CompuTa trusted computing project. Corporate customers come in and pay to CompuTa. CompuTa will donate a portion of the proceeds to the GXC Foundation. The letter calculation uses the infrastructure on the chain. Once the foundation is donated, it can only be used to repurchase GXC to reward nodes and communities that contribute to the chain.
In this case, commercial income can enter the currency circle in a compliant manner. This money can only buy GXC, which brings in the living water outside the circle. Therefore, the chain business is the breakthrough point of the current public chain project to reverse the dilemma. .
Under the chain of business, the exchange is the best, the platform currency is very good, because it has a separate living water, while other public chain projects are grabbing a little stock of water inside the circle. Business on the chain is for everyone to grab a water dispenser. The business under the chain is that you have a separate water dispenser. When you want to buy any brand of mineral water. Babbitt: Gongxinbao has been established for three years and has done a lot of exploration. From the beginning, it has done a decentralized data exchange. In early 2018, it focused on promoting Brock City, and then in 2019, it promoted trusted computing and star-studded projects. Looking back at these paths, is there a main line running through it?
We have been exploring the “data + blockchain” road, the main line is to build a trusted data business around the data.
We do decentralized exchanges to solve the problem of not being centralized cached when data exchanges are being made by multiple organizations. We do Brock City, let users data on the chain, establish digital identity, and let users become the masters of their own data. We do trusted computing, we want to do a good job of data calculation and let the data be used while ensuring that the user's privacy is not leaked.
The whole process of data includes storage, exchange, calculation and application. I use it as a metaphor, in fact , it is the same as cooking . What kind of signature dishes do you want, you have to buy food, and buy food is exchange. The dish is bought, you have to put the warehouse, it is the storage of data. How to make dishes for guests to eat, how to train their own recipes? How to make your own dishes better is calculation. Finally served, the guest paid, it is the application.
The hotel is thinking about how to make the dishes ready for the guests to eat. We are thinking about how to apply the data better. It has been around the main line of “data + blockchain” and has not changed.
As for the Star Plan, it is an attempt to break through in the chain. It is the same as the other projects in the industry to push the developer to do DAPP. It’s just that we don’t subsidize one project, but a one-time subsidy. Babbitt: Observing the feedback of the Brock City community on the starry program, there are encouragements and criticisms. How do you view the voice of criticism?
I think I am a soft-hearted person. The confusion caused by these voices is actually quite big, which makes my heart feel uncomfortable and I feel that I am not doing well. Later, I found that you can't take care of everyone and make everyone happy. If you make everyone happy, you are definitely the most painful.
Since you are an entrepreneur, you have to face these things and accept these things. You must be able to accept and bear these negative criticisms and some risks. You can't stand it for a few days. If you don't do a shot, the project will definitely hang.
So the mentality must be adjusted. When the project has not run as stable as the head project, and the community can pick it up, you have to work hard.
The community is jealous of you, just want to see if you can get some benefits for them, let the project side take the money to pull the plate, nothing more than this idea. But such people only consider their short-term interests and do not consider the long-term interests of all. The project party burned out the money, what should I do? In the end, it became a question of who ran fast. Babbitt: You have launched a repurchase plan in front of the Stars Program, and the community opinions are also very inconsistent.
The first two phases of the repurchase program were very good. The price started from seven or eight, and it was 18-20 yuan. The profitable disk was quite big. After the repurchase, everyone slowly began to go. Everyone knows that the final repurchase is over, and if it is good, it will definitely be gone. So the last repo ended, everyone was crazy to ship, and early in the early price to buy it may make money. If you don't know how to protect yourself, you will stand guard.
People who have negative voices are mostly losing money. Those who make money don’t talk, otherwise everyone will marry him.
After all, there are fewer people who send charcoal in the snow, I understand. Babbitt: Introduce the current cash flow status of Gongxinbao?
Also, the revenue of trusted data business, no problem to support the team every year, the ups and downs of the secondary market has little effect on us.
Talking about the status quo and the way out
Babbitt: From the perspective of the secondary market currency price, the blockchain revolution has reached the moment of survival, and the tokens of many projects have fallen horribly. Compared with this time last year, the situation is even more severe. How do you see it?
This situation will continue to be bad, and the importance of Bitcoin will be further enhanced. Because everyone found out that most of the blockchain projects are useless, why should I buy them? When the project party told the story, the bitcoin was deceived from the investor's hands. As a result, the project did not have bitcoin, so it was better to buy bitcoin.
So this situation will continue to be bad. Unless the project can get through its business model, this situation will certainly intensify. But what kind of critical point will start to reverse?
Purely from the use of value, for the project side, to take the initiative to master their own life, is to find their own business model, at least on the chain and under the chain. The chain is the model of Ethereum, you can have a large market share. Find your own application scenarios under the chain, such as the currency can be given to your own currency.
Passive also has a breakthrough point, that is, when Bitcoin rises to a certain price, everyone can't get a bitcoin car. Under the influence of fomo emotions, other currencies have a chance.
The current market is like people getting lost in outdoor adventures. What should I do? Can't everyone find the same way? Scattered to find, who found a way out, send a signal to tell others, I have a way to follow me.
As an entrepreneur, you should take the initiative to find new living water. Babbitt: What are the possible paths in the industry?
The chain is already very clear, that is the Ethereum smart contract that road, such as DeFi. The staking that cosmos developed is also a route. The best thing to do now under the chain is the exchange.
The trusted computing we are exploring is also a way out, and it is a very wide road.
There are also some projects that trace the source and save the evidence. The route is very narrow, it is not easy to walk, and it is difficult to interact with the token. Our trusted computing can at least interact with the token because there are nodes on the chain involved in the calculation. Babbitt: The current situation is that some teams are not working, the code is not developed, I see the team has been developing. But no matter what you do, the market does not seem to recognize it.
This is the status quo of the industry – "the currency price theory", which will face such problems before the commercial scale is large.
We have DAPP on the chain, there is Brock City, and the transaction volume is OK. There are 100,000 transactions every day. We are still exploring the business under the chain, and I believe that the industry will ultimately look at value.
What we have to do is to make investors have patience and confidence in the project and believe that everything will be fine after the winter. In this process, although I was defamed and did not do things, I was rather embarrassed. At least the team was working, stepping forward step by step, doing right and wrong, it is possible. But if you don't do it, you must wait for death.